What to Do With Money After You’ve Made It With Award-Winning Money Expert, Amanda Holden

So, you booked the wedding. You’ve paid your taxes and covered expenses. What should you do with your money after you’ve made it? Do you find yourself “investing” in your business but seeing no return? In this Build and Bloom Photography Podcast episode, I sit down with Amanda Holden, who is an award-winning money writer, speaker, and educator.

Amanda’s work has been featured in Forbes, Business Insider, The Financial Diet, and more. Through her business, Invested Development, Amanda has taught tens of thousands of women how to invest.

Today’s topic is all about MONEY! So, you made the money—congratulations, that's the hardest part! Next, it's time to figure out what to do with it. Luckily, there are simple ways to organize your money and more importantly, ensure that it's working for you. You work hard, and so should your money!

In this talk, we'll cover saving, paying off debt, and investing—and which you should prioritize right now, no matter where you're at in your career journey. Amanda was so generous to do an incredible live with me in the Build and Bloom Facebook group & this will be a replay from that!

WHAT’S NEXT?

Links mentioned:

MADE POSSIBLE BY:

Honeybook, Photography client management program

Narrative, the best $6 blog tool for photography galleries

Contractista, reliable lawyer-drafted Photography Contract Templates

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“Anytime you get money, give each dollar a job. You know your business best, and you know what you need to invest in that will then have some return on investment.

I encourage everybody to get realistic about the types of business investments that will have a significant return and, what is more, just veneer. Because even as business owners, we can get distracted by the pretty things!

I'm going to give you an example. The most important thing for me is that I have students, and I find the right students who trust me and want to learn from me. I did not invest in a good website for four years because the most important thing is the text on that website- the intelligence of what I'm saying. It is finding the people I want to be my customers and students. And that meant focusing on social media. So, the website design was not an investment I made immediately. Instead, I focused on the things that I knew I needed.

First, get honest about what you need to invest in building your business and brand. We probably don't want to have all of our money recycled back into the business.

Here's a way that it's helpful to think about, and this is something that I see pretty much all new self-employed people do; our business is our baby, right? And it can be enticing to want to give all our money back to our baby. Think of what's the most powerful corporation in the world. Probably an Apple and Amazon; it's all to say, would you invest all your money in Apple? No, no, no, you wouldn't. That's too risky. Right? Putting all your eggs in any basket, including your beautiful baby basket, is just too risky from a money management standpoint.

I want you to use your income as a self-employed person to build wealth outside of your business.

Yes, we want to reinvest in our own businesses, but we also want to diversify outside our business. Once you decide to invest, even with small dollar amounts, how can you start to build wealth beyond your business? Ideally, you will have your wealth come from both sources, the business that you run will be paying you your income, but then you will be building up wealth beyond your business. Investing in yourself and your financial life is what we will be doing next.”

podcastJessica Whitakerpodcast